Wall Street was slipping after a report Tuesday morning raised worries that the Federal Reserve may feel pressure to keep interest rates high.
Wall Street is slipping Tuesday following the latest signal the U.S. economy may still be too strong for the Federal Reserve’s liking. The Standard & Poor's 500 was 0.5% lower in morning trading. The Dow Jones industrial average was down 64 points, or 0.2%, as of 10:10 a.m. Eastern, and the Nasdaq composite was 0.9% lower. Financial markets have been shaky in recent weeks due to worries about war in the Middle East and its potential impact on oil prices.
4% drop for Nvidia and 1.6% slip for Apple were two of the heaviest weights on the S&P 500. Nvidia and other chipmakers were under extra pressure after the U.S. government broadened restrictions to stop China from acquiring advanced computer chips and the equipment to manufacture them. Several big U.S. companies, meanwhile, were turning in mixed performances following their latest earnings reports. Bank of America swung between modest gains and losses and was up 0.
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